Gold analysis – 19 Dec 2019

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By: Ahura Chalki

Wandering between the News & Data!

President Trump’s impeachment, as many expected, had nothing to do with the market. No positive or negative reaction in the market. It was clear that House will confirm it, same as it is clear that Senate will reject that! In the trade front, nothing changed and still market awaits for clearer information. Today the US initial jobless and Home sale data will be in the spotlight, where markets wait to see their supports from the USD index. Yesterday’s lose in Gold price also was the reaction to the stronger USD.

Gold Technical Analysis:

Technical indicators have mixed signals again, where they cannot confirm any specific trend, while most are about side movement with bullish interest. As I mentioned yesterday, still we are in same movement range and breaking the $1474 with confirmation at $1469 can bring the bears back and breathing the $1478/9 with confirmation at $1484, can confirm the bulls uptrend.

Pivot point: 1475.08

Resistance levels: 1479.75 / 1484.00

Support levels: 1470.85 / 1466.18

Today, the expected trading range is between 1470.85 support and 1488.00 resistance.


Risk Warning: Trading-Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice.

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